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Wednesday, June 5, 2013

Group Genius: Post #7--Team-based Companies

Team-based Companies: Cross-functional collaborative teams (innovation teams) create products more quickly. But isolated “skunk works” don’t work due to a lack of necessary collaboration across the company. “Innovation labs” consist of people from all over the company; they come together but then go back to their units—they do not become a separate entity. Key ways to measure innovation: 1) Count time on exploratory projects—up to 20% works well; 2) Measure how much time is required to terminate a project—quick is better than slow; 3) Measure how the company celebrates failure. Author suggests: “Fail often, fail early, fail gloriously.”